Credit Suisse expects a loss of up to 1.5 billion Swiss francs ($1.58 billion) in the fourth quarter as the financial corporation continues to lose money, the Swiss bank said on Wednesday, shortly before shareholders approved a $4 billion capital increase.

The bank said the “challenging” economic and market environment weighed heavily on customer activity, while cash outflows across the business increased at the start of the fourth quarter.

The earnings warning is another setback for the Swiss lender, which previously forecast a net loss for the last three months of the year but did not provide a figure.

The bank also gave a sobering assessment of the scale of its problems, which are exacerbated by the withdrawal of savings and investments by clients.

Credit Suisse said that at the end of the third quarter there was an outflow equivalent to 6% of the assets under management of the financial group. It says that this trend in the wealth management department that caters to wealthy clients has improved since then, but has not changed yet.

As a result, the bank was forced to cut its liquidity buffers below certain minimum regulatory requirements, although it said its key liquidity and funding requirements had been met.

Credit Suisse held an extraordinary general meeting where it won approval for a capital increase to fund recovery from the biggest crisis in its 166-year history.

The bank has suffered a string of scandals and losses, including a $5.5 billion loss in the collapse of US investment firm Archegos. It also had to freeze $10 billion in supply chain finance linked to the insolvent British company Greensill, which filed for bankruptcy protection on March 8, 2021.